India to grow at 5.3 per cent in current fiscal: Ficci
09/07/2014 10:07
Ahead of the Economic Survey, industry body Ficci lowered its GDP growth forecast for the current fiscal, pegging India's economic expansion rate at 5.3 per cent compared to its 5.5 per cent previous estimate, reported PTI. This is mainly due to bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast, said the media report. "FICCI's latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3 per cent, with a minimum and a maximum range of 4.9 per cent and 5.8 per cent," a statement said. The survey forecasts fiscal deficit to GDP ratio at 4.5 per cent in 2014-15, breaching the target of 4.1 per cent set in the interim budget. The survey pegs industrial growth for 2014-15 at 3.1 per cent and agriculture growth at 2.1 per cent. Further, services sector growth is expected at 7 per cent, marginally higher than 6.8 per cent recorded in 2013-14. On the inflation front, participating economists expect prices to remain beyond the comfort zone, expecting the El Nino effect to fuel inflationary pressure going ahead, Ficci said. On dealing with the price situation, the economists felt that the government has little choice but to strengthen supply side infrastructure and pointed out the immediate need to ease distortions in supply of food articles from farm to market.
09/07/2014 10:07
Ahead of the Economic Survey, industry body Ficci lowered its GDP growth forecast for the current fiscal, pegging India's economic expansion rate at 5.3 per cent compared to its 5.5 per cent previous estimate, reported PTI. This is mainly due to bleak prospects for performance of the agriculture sector due to sub-par monsoon forecast, said the media report. "FICCI's latest Economic Outlook Survey puts across the GDP growth estimate for the year 2014-15 at 5.3 per cent, with a minimum and a maximum range of 4.9 per cent and 5.8 per cent," a statement said. The survey forecasts fiscal deficit to GDP ratio at 4.5 per cent in 2014-15, breaching the target of 4.1 per cent set in the interim budget. The survey pegs industrial growth for 2014-15 at 3.1 per cent and agriculture growth at 2.1 per cent. Further, services sector growth is expected at 7 per cent, marginally higher than 6.8 per cent recorded in 2013-14. On the inflation front, participating economists expect prices to remain beyond the comfort zone, expecting the El Nino effect to fuel inflationary pressure going ahead, Ficci said. On dealing with the price situation, the economists felt that the government has little choice but to strengthen supply side infrastructure and pointed out the immediate need to ease distortions in supply of food articles from farm to market.
